Rendering of a $40-million residential development in the Sylvan Lake area that will have villa bungalows, semi-estate and estate homes.Belterra Land
Concern over the sagging fortunes of Alberta's oil sector is not stopping plans for a $40-million residential development at Sylvan Lake in the central part of the province.
"I'm a bit nervous – who wouldn't be?" says Chris Artibello, president of Belterra Land Co. "At the same time, though, I'm confident about what we're doing."
Belterra's development, the Slopes of Sylvan Lake, will be a 50-acre master-planned lakeside community. Attached villa bungalows, semi-estate and estate homes will be built on 49 lots of various sizes and price ranges.
The town of Sylvan Lake, with a population of slightly more than 12,000 people, is about 25 kilometres west of Red Deer, the headquarters for companies servicing the oil and gas industry. It is also near the summer village of Birchcliff on Sylvan's northeastern bank.
The company recently released the first phase of development, consisting of four 0.15-acre villa home sites and eight 0.35-acre lots for what Mr. Artibello is calling the Hillside homes. Belterra expects to open show-home doors by mid-August.
"The oil industry is going through a rough period right now, but our vision for this project hasn't changed, and we continue to believe in it," Mr. Artibello says.
One reason for his confidence is the fact that oil prices continue to hover around the $61 mark, not at the $47 level that was seen during the recession that started in 2007.
Another reason is that he sees a pent-up demand of sorts in Red Deer, where there is growing interest from middle- and upper-management types looking for somewhere outside of Red Deer to raise their families.
Mr. Artibello is forecasting lot and house prices in the Slopes to come in at between $850,000 and $1.6-million. Lot prices will run from about $300,000 to near $700,000, depending on the location within the community and the size. There are no condo fees or strata fees attached to the homes in the development.
While approved builders are Bowood Homes of Red Deer and Merchant Homes of Calgary, Mr. Artibello says there is a bring-your-own-builder option – if the builder is approved by Belterra.
Belterra bought the land about seven years ago, but it wasn't until a new area structure plan for the Sylvan Lake area was approved by Lacombe County in 2010 that serious planning for the development started. Mr. Artibello expects to achieve build-out in four years.
Mr. Artibello, whose roots go back to Etobicoke, Ont., says the value of lake property has "gone through the roof," and he fully expects that as many as 30,000 people will be living within a half-mile of the lake in the next 25 years.
"We want to be there – we want to be part of that growth," he says. "And people from the oil patch want to be there as well."
He stops short of calling the Slopes of Sylvan Lake a recreational housing community since he expects three-quarters of the residents – mostly from Red Deer – will live there full-time. The recreational element will be made up of buyers from other areas of the province, including Calgary and Edmonton.
"The belief in our vision hasn't changed; we believe in it. Now we're looking for people who understand that vision to become residents," Mr. Artibello says.
Belterra's multipronged vision includes creating a distinctive and respectful community with a variety of high-quality housing styles, one that preserves and enhances natural areas and retains watersheds, and upholds the principles of smart growth.
While close to the retail amenities offered by Red Deer, the Slopes of Sylvan Lake will also have some homegrown amenities such as a four-season recreational facility with sport courts, picnic and barbecue areas and a trail system, as well as shops, a grocery store and vehicle-storage facilities.
A big plus for the community comes with a million-dollar water-treatment facility right on the property.
The Slopes of Sylvan Lake is the latest in a string of developments by Belterra in the Sylvan Lake region, and the company continues to search for other land opportunities.
"We believe in the area," Mr. Artibello says. "We believe a promising future is being created there, so we are making significant investments to establish ourselves as a long-term partner in the area's sustainable development."